August 29, 2025
Due to stronger dollar supply at the official window on Thursday, the naira appreciated at the Nigerian foreign exchange market (NFEM).
According to update fx data from the Central Bank of Nigeria (CBN), the local currency touched intraday high of N1538.54
However intraday FX rate closed stronger than previous day, suggesting demand tempered or supply increased.
Forex traders across the Broadstreet confirmed that the naira appreciated 0.10% to close at ₦1,535.47/$, supported by stronger dollar supply and lower FX demand.
READ MORE; Nigeria’s Money Supply Hits N118.99 Trillion in May 2025
The naira was noted to trade between ₦1,535.00/$ and ₦1,538.54/$ amidst sustain surge in the nation’s foreign reserves.
Nigeria’s gross reserves rose to $41.244 billion as of 27 August 2025, up $23.70 million from the previous day.
The naira is likely to hold steady as external reserves continue to rise, analysts’ maintained projection amidst fluctuation in prices of crude oil.
Oil prices ended higher on Thursday, reversing early losses after the White House said President Trump was displeased upon learning of overnight Russian missile and drone strikes on Ukraine. Brent crude rose 57 cents, or 0.8%, to settle at $68.62 per barrel, while U.S. West Texas Intermediate gained 45 cents, or 0.7%, to close at $64.60.
